No, this is a PaaS offering that includes high-availability, fault-tolerance and disaster recovery, and uses a customized version of PostgreSQL behind the scenes.
To me (and, i think, in general product naming conventions), "Azure for Postgres" would mean some sort of azure service plugin that you can add to any arbitrary postgres installation. "Postgres for Azure" would mean Postgres support on Azure's PaaS.
Postgresql database for Azure?